ITR Filing Rules: Now, Income tax filing made mandatory if TDS, TCS amount exceeds Rs 25000 in year- Check other major changes

If the amount of TDS and TCS exceeds Rs 25000 in a year then Income Tax Return (ITR) has to be filed, said the new ITR filing rule.

The new rules have come into effect on 21 April 2022. Pic: https://www.incometax.gov.in/ and Pixabay

New ITR Filing Rules: If the amount of TDS and TCS exceeds Rs 25000 in a year then Income Tax Return (ITR) has to be filed, said the new ITR filing rule. The government has expanded the scope of income tax filing to bring more people into the tax bracket. According to the notification issued by the Ministry of Finance, now more income groups and people with income will have to file income tax returns. With the new changes, more people will be brought under the tax net. The new rules have come into effect on 21 April 2022.

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According to the new notification, if the sales, turnover, or income in the business is more than 60 lakhs, then the return will have to be filed. ITR has to be filed even if the income of the professional is more than Rs 10 lakh per annum. Apart from this, an income tax return will have to be filed even if the amount of TDS and TCS exceeds Rs 25000 in a year. However, the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.

The new notification also said that if the amount deposited in the bank savings account is 50 lakh or more in 1 year, then such depositors will also have to file their tax returns.

The government believes that with the new changes, the scope of income tax filing will increase and more and more people will be able to come into the tax net.

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